Welcome to our dedicated page for United Fire Group news (Ticker: UFCS), a resource for investors and traders seeking the latest updates and insights on United Fire Group stock.
United Fire Group, Inc. reports developments tied to its property and casualty insurance business, which writes coverage through insurance company subsidiaries and independent agencies. UFG's recurring updates center on commercial lines production, renewal pricing, retention, new business, assumed reinsurance, catastrophe losses, prior-year reserve development and underwriting profitability measured through the combined ratio.
Company news also covers quarterly earnings calls, net investment income from the insurance portfolio, book value measures, common-stock dividends and credit-rating actions affecting United Fire & Casualty Group and the holding company. The company was founded in 1946 as United Fire & Casualty Company and is licensed as a property and casualty insurer across the United States and the District of Columbia.
United Fire Group (Nasdaq: UFCS) reported a significant increase in consolidated net income for Q1 2022, reaching $28.3 million ($1.12 per diluted share) compared to $18.7 million ($0.74 per diluted share) in Q1 2021. The adjusted operating income also rose to $1.13 per diluted share, reversing an operating loss from the previous year. The GAAP combined ratio improved to 89.5%, reflecting strong profitability initiatives. However, net premiums earned decreased by 9.6% to $234.2 million, primarily due to the non-renewal of underperforming accounts in the commercial auto sector.
United Fire Group, Inc. (Nasdaq: UFCS) will release its 2022 Q1 earnings results before market opening on May 5, 2022. A teleconference will follow at 9:00 a.m. CT for analysts and shareholders to discuss these results. Participants can join via toll-free numbers provided, and the event will be archived for replay until May 19, 2022. UFG, established in 1946, specializes in property and casualty insurance across 50 states. The company holds an 'A' (Excellent) rating from A.M. Best Company.
United Fire Group (Nasdaq: UFCS) has appointed Eric J. Martin as the new Chief Financial Officer, effective April 18, 2022. Martin brings over 29 years of experience in the financial sector, most recently serving at Transamerica. His extensive background includes leadership roles such as Chief Operating Officer and Senior Vice President. The appointment follows a comprehensive search for qualified candidates, and Randy A. Ramlo, President and CEO, expressed excitement about Martin joining the management team.
United Fire Group, Inc. (Nasdaq: UFCS) announced the appointment of Mark Green and Matthew Foran as new independent directors to its Board, effective February 18, 2022. Green, with a strong background in insurance, previously held executive roles at Kemper Corporation and Allstate. Foran, co-founder of Stoic Lane, Inc., brings significant experience in insurance technology. Both will stand for shareholder election at the Annual Meeting on May 18, 2022. Additionally, several individuals were appointed as assistant vice presidents, strengthening the company's leadership team.
United Fire Group announced the retirement of CEO Randy Ramlo effective October 31, 2022, after 15 years in the role. Ramlo joined UFG in 1984 and has been pivotal in the company's growth and strategic direction. He will remain until a successor is appointed and will assist in the transition process.
UFG, founded in 1946, specializes in property and casualty insurance, operating in all 50 states and Washington, D.C. The company is rated 'A' (Excellent) by A.M. Best.
The Board of Directors of United Fire Group (UFCS) has declared a quarterly cash dividend of $0.15 per share, payable on March 18, 2022, to shareholders of record as of March 4, 2022. This marks the company's 216th consecutive quarterly dividend since its inception in March 1968. UFG, founded in 1946, specializes in property and casualty insurance across the United States and has received an A (Excellent) rating from A.M. Best Company.
United Fire Group (Nasdaq: UFCS) reported strong financial results for Q4 and the full year 2021. Net income for Q4 reached $57.7 million ($2.28 per share), recovering from a loss of $8.9 million in Q4 2020. For the full year, net income was $80.6 million ($3.16 per share), compared to a significant loss of $112.7 million in 2020. The combined ratio improved to 83.1% in Q4, marking the lowest in over 14 years. Despite a strategic focus leading to an 8.9% decrease in net premiums earned, the company achieved an average renewal pricing increase of 6.4% for the year. Overall, UFG saw positive trends in profitability and reserve development.
United Fire Group (UFCS) announces the retirement of Neal Scharmer, Vice President, General Counsel, effective March 31, 2022, after over 40 years in law, with more than 20 years in his current role. Scharmer, who joined UFG in 1995, played a crucial role in guiding the company through litigation, acquisitions, and natural disasters. Sarah Madsen has been promoted to Chief Legal Officer, also effective March 31, 2022. Madsen, a former Assistant General Counsel, has enhanced UFG's operations and will oversee legal and compliance matters moving forward.
Mary K. Quass will retire from the Board of Directors of United Fire Group (UFCS) effective immediately after the Annual Meeting of Shareholders on May 18, 2022. Her resignation complies with UFG's bylaws regarding directors reaching the age of 72. UFG President and CEO Randy Ramlo acknowledged her strong leadership and contributions over the last decade, particularly as chair of the compensation committee. Board Chairman James Noyce also commended her invaluable experience. UFG has been writing property and casualty insurance since 1946, rated 'A' by A.M. Best.
United Fire Group will release its 2021 fourth quarter and year-end earnings results on February 15, 2022, before market opening. An earnings call is scheduled for 9:00 a.m. CT on the same day, allowing stakeholders to hear from management regarding these results. The call will be accessible via a toll-free number and will be archived for playback until March 1, 2022. Founded in 1946, UFG is a property and casualty insurer licensed in all 50 states and rated A (Excellent) by A.M. Best.